Definiition of "Rebate"
This query is : Resolved
25 October 2009
Can any of the friends explain the difference between "Rebate" and "consideration". The Service Tax Department in a case has issued SCN as to why service tax should not be levied on "Rebate" received from the Government. The STD "presumes" that the rebate is given by the Government department as a "consideration" for unspecified "services" for which there is no proof/evidence documentary or otherwise.
S. Krishnamoorthy
S. Krishnamoorthy
25 October 2009
Rebat:
1. A discount offered on the price of a good or service, often one that is paid back to the payer, e.g. a tax rebate is a refund to the taxpayer.
2. A discount allowed on a bill of exchange that is paid before it matures.
Consideration:
general principle that the tax is only payable upon receipt of consideration for the services so rendered
1. A discount offered on the price of a good or service, often one that is paid back to the payer, e.g. a tax rebate is a refund to the taxpayer.
2. A discount allowed on a bill of exchange that is paid before it matures.
Consideration:
general principle that the tax is only payable upon receipt of consideration for the services so rendered
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- TDS Challan Code
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- ASISSE return under the provisions of the Collection of Statistics Act, 2008 (7 of 2009)
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
- Restoration of certificate of practice
- Regarding change in correspondence address in SSP portal
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
